The Scenius Sync (Issue #19)
Reddit is Driving NFTs, MakerDAO's Endgame Plan, & The UK's New PM Is Pro Crypto
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
Crypto-Friendly Rishi Sunak to Become UK Prime Minister Following Truss Exit
During his time as finance minister, Sunak oversaw the drafting of the Financial Services and Markets Bill, which is now making its way through Parliament and promises to provide a regulatory framework for stablecoins and crypto assets. The local crypto industry welcomes his appointment as the leader of the government.
FTX’s Sam Bankman-Fried Shares thoughts on crypto regulation via draft set of standards then backtracks after receiving “constructive criticism”
The draft put forth a proposed set of standards the industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes. Crypto advocates were quick to critique the standards as antithetical to crypto’s open and permissionless values.
In a Twitter thread Sunday, Bankman-Fried thanked adversaries for their “constructive feedback” — adding he would edit the original proposal as needed.
MakerDAO Votes in Favor of Rune Christensen’s ‘Endgame Plan’
The Endgame Plan aims to make the protocol more decentralized and involves restructuring the DAO into smaller teams with one aligned mission. 80% of MakerDAO community members voted in favor of launching the Plan. These smaller teams, dubbed MetaDAOs, will each have its own governing token — they will have a specialized purpose that is aligned with the protocol at large but will be its own fully functional decentralized governance.
IRS Expands Key US Tax Language to Include NFTs
Newly released draft instructions for the 2022 tax year change the language from “virtual currency” to broader “digital assets,” including an explicit recognition of NFTs.
Apple Refuses to Exempt NFTs From App Store’s 30% Fee
The tech giant’s de facto ban on peer-to-peer NFT trading is likely here to stay as it has rejected calls to exempt NFTs from its 30% “Apple Tax” on in-app purchases. The policy update also bans apps from offering exclusive access to NFT owners, or from linking their users to third-party sites where they might buy, sell and mint outside the Apple ecosystem – thus evading the fee derisively known as the “Apple Tax.”
Innovation & Adoption 💡📈
Fidelity’s Crypto Platform to Add Ether Trading for Institutional Clients
Institutional clients of Fidelity Digital Assets will be able to trade ETH beginning Oct. 28. The move is the latest step towards making crypto available to institutional clients by Fidelity. Earlier this month, the giant asset management firm said it started a new Ethereum Index Fund for accredited investors.
Reddit NFTs Surge as Polygon-Based Avatars Reach Millions of New Users
Online message board community Reddit has proven to be a significant force for NFT adoption. Trading volume for Reddit’s Collectible Avatars was up 799% as traders celebrate the project’s widespread adoption. Reddit revealed last week that over 3 million Polygon wallets have been created by users to collect the NFTs.
Interpol to offer Metaverse police training in virtual bureau, launch expert task force
Interpol announced it will offer online police training in its own Metaverse bureau. The international policing organization’s move speaks to growing concerns about the regulation of online spaces.
Former Celsius Exec Joins JPMorgan as New Crypto Policy Head
JPMorgan CEO Jamie Dimon may have called cryptocurrencies like Bitcoin “decentralized Ponzi schemes,” but this hasn’t stopped the world’s largest investment bank from hiring a new head of digital assets regulatory policy. Their new executive director of crypto was formerly the head of policy and regulatory affairs of the now-bankrupt crypto lender Celsius.
Azuki NFTs Set Record for Most Expensive Skateboards in History
NFT issuer Azuki has set the record for the most expensive skateboard sales in history — both digital and physical. Nine “Golden Skateboard” NFTs make up the most recent Azuki collection, with all but one sold under auction on Saturday, fetching $2.5 million in total.